Press Conference. Inflation Report. November Mugur Isărescu. Governor
|
|
- Brianne Stephens
- 5 years ago
- Views:
Transcription
1 Press Conference Inflation Report November 5 Mugur Isărescu Governor Bucharest, 9 November 5
2 Dec. The annual inflation rate remained below the variation band of the target in 5 Mar. Jun. Sep. Dec. Mar. Jun. Sep. Dec. Mar.5 Jun.5 Sep.5 8 annual percentage change Inflation target:.5% pp Determinants of inflation Broadening the scope of the 9 percent reduced VAT rate to all food items, non-alcoholic beverages and public food services as of June 5 (the negative contribution to the annual inflation will persist until May ) Sharp decline in crude oil prices - - CPI CPI (net of the VAT first-round effect) Subdued inflation expectations New energy market deregulation stage Shrinking negative output gap Source: NIS, NBR calculations
3 Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sep. Oct. Nov. Dec. Feb.5 Mar.5 May.5 Jun.5 Aug.5 Sep.5 The negative annual inflation rate (induced by the cut in the VAT rate on food items) accelerated slightly in, on account of fuel price movements,... contributions to the annual inflation rate, pp annual percentage change VAT fuels VFE (net of the VAT first-round effect) administered prices tobacco products and alcohol adjusted CORE (net of the VAT first-round effect) CPI (rhs) CPI (net of the VAT first-round effect), rhs Source: NIS, NBR calculations
4 Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sep. Oct. Nov. Dec. Feb.5 Mar.5 May.5 Jun.5 Aug.5 Sep.5 Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sep. Oct. Nov. Dec. Feb.5 Mar.5 May.5 Jun.5 Aug.5 Sep.5 in the context of the decline in crude oil prices to a new post-crisis low annual percentage change domestic fuel price Brent oil price (rhs) annual percentage change annual percentage change contributions to the annual inflation rate, pp. direct effect on CPI (rhs) indirect effect on CPI (rhs) CPI Source: NIS, Bloomberg, NBR estimates
5 Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sep. Oct. Nov. Dec. Feb.5 Mar.5 May.5 Jun.5 Aug.5 Sep.5 Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sep. Oct. Nov. Dec. Feb.5 Mar.5 May.5 Jun.5 Aug.5 Sep.5 Relatively stable exchange rate of the leu versus the euro in 5 Exchange rate Risk premia (CDS spreads, 5 years) index, January = EUR/RON EUR/PLN RO basis points PL EUR/CZK EUR/HUF CZ HU Source: ECB, Reuters 5
6 Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct. Oct.5 Jan. Apr. The prices of main agri-food commodities remained at low levels, due to the plentiful global supply 5 EUR/tonne 5 Paris Bourse Wheat prices Futures prices Yields of main grain crops tonnes/hectare ρ =.8 Local market* 5** 5-year average 5** EUR/tonne Paris Bourse Maize prices Futures prices 5 5 ρ =.9 Local market* global EU RO global EU RO Wheat Maize *) prices on representative markets in Muntenia Source: Bloomberg, Ministry of Agriculture and Rural Development **) estimates Source: MARS and USDA Reports, October 5
7 Jan. Mar. May. Jul. Sep. Nov. Mar.5 May.5 Sep.5 Acceleration in administered price dynamics, amid the ongoing energy market deregulation Administered prices annual percentage change contributions, pp monthly percentage change Energy Hike in the natural gas price (up. 5 percent), due also to the rise in regulated prices Marginal increase in the electricity price, the effect of the new market opening stage being almost entirely offset by the lower contribution to high efficiency cogeneration Medicines - - Drop in prices of government subsidised medicines, in the context of enforcing natural gas electricity medicines the legislation imposing medicine prices lower than or at most equal to those charged in the EU countries that were other administered prices total (rhs) used to make a comparison Source: NIS, NBR calculations 7
8 Jan. Apr. Jul. Oct. Oct.5 Shrinking negative output gap, due to the improved economic sentiment Output gap Economic sentiment indicator Domestic absorption % of potential GDP Projection 7 points 5 annual percentage change gross fixed capital formation households final consumption Romania - 9 Euro area - - Q 5 Q Q 7 Q Q Q Q Q Q Q Q Q Source: NIS, EC-DG ECFIN survey, NBR estimates and projections 8
9 The recovery of investment appetite is reflected by the positive developments in construction and the rise in equipment demand Investment loans Construction works Capital goods 5 stock, annual percentage change equipment loans real estate loans 5 annual change quarter moving average, %, s.a. non-residential buildings engineering works residential buildings volume index, = 9 5 imports tractors and other machinery 8 imports auto (transp. of goods) 5 Q Q Q Q Q Q Q Q * -5-5 Q Q Q Q Q Q Q Q * imports auto (transp. of > pers.) imports capital goods (excl. the auto industry) exports of capital goods (excl. the auto industry) 5** *) July-August **)based on 7-month data (imports) and 8-month data (domestic market sales) Source: NIS, Eurostat, NBR calculations 9
10 Accelerated absorption of labour force; fast wage dynamics, but no comparable productivity gains 9 Number of employees index, =, s.a. private sector Gross wage earnings index, =, s.a. nominal wage, private sector nominal wage, public sector real wage, private sector real wage, public sector Wages and productivity in industry annual percentage change 9 public sector 8 97 nominal gross wage - 9 I II III IV I II III IV I II III* 5 *) July-August Source: NIS, NBR calculations 9 I II III IV I II III IV I II III 5 labour productivity I II III IV I II III IV I II III* 5 -
11 Swift increase in consumer demand in 5, amid the improvement in households financial standing Purchases of goods and services Leu-denominated consumer loans Consumer confidence** 9 real annual percentage change market services to households retail trade automotive trade lei bn. new loans %, p.a. interest rate (rhs) points savings - - I II III IV I II III*.5. I II III IV I II III unemployment economic context financial standing confidence indicator I II III IV I II III Oct *) July-August for automotive trade and services **) deviation from the historical average (May Oct. 5) Source: NIS, EC-DG ECFIN survey, NBR
12 Sep. Oct. Nov. Dec. Feb.5 Mar.5 May.5 Jun.5 Aug.5 Sep.5 Sep. Oct. Nov. Dec. Feb.5 Mar.5 May.5 Jun.5 Aug.5 Sep.5 Long-term inflation expectations stay close to the mid-point of inflation target Expectations of economic agents* Expectations of financial analysts balance of answers (%), M ahead, s.a. manufacturing trade services inflation rate year ahead inflation rate years ahead % 5 consumers (M ahead ) Inflation target:.5 pp *) The annual inflation staying inside the variation band ( 5 percent) indicates the relative price stability over the expectation horizon. Source: EC-DG ECFIN survey, NBR survey among financial analysts
13 Annual CPI inflation forecast The month CPI inflation rate is projected to stand at -.7 percent at end-5 and at. percent at end-,. percentage points lower and higher respectively than the levels in the previous Inflation Report. Excluding the first-round effect of the VAT rate cuts, the inflation rate is forecasted to reach. percent at end-5 and.7 percent at end- uncertainty interval annual CPI inflation rate (previous round) annual CPI inflation rate mid-point of the annual target (.5 percent as of ) variation band annual CPI inflation rate (net of the VAT first-round effect) annual percentage change Inflation target:.5% pp 9 The baseline scenario incorporates the provisions of the new Tax Code, as subsequently amended and supplemented by Government Emergency Ordinance No. 5 of 7//5 on regulating some fiscal measures - The annual CPI rate is expected to stay negative until May, revert to positive values, yet beneath the lower bound of the variation band of the target until the end of, before returning inside the band starting 7 5 Note: The uncertainty interval is calculated based on the forecast errors of the annual CPI inflation rate in the NBR projections during 5-. The magnitude of forecast errors is positively correlated with the time horizon they refer to. Source: NIS, NBR calculations and projections - 7
14 Components contribution to the annual inflation forecast Dec. year T/Dec. year T percentage points -.7%.% tobacco products and alcohol.. fuels VFE.. administered prices.. adjusted CORE -..8 CPI inflation -.7. Note: The values in the table have been rounded off to one decimal place. Source: NIS, NBR projections
15 External assumptions underlying the projection The scenario for developments in the effective EU GDP* foresees a gradual recovery of external demand, also amid the ECB s monetary policy measures (the expanded asset purchase programme) The annual HICP inflation rate is seen remaining below the percent benchmark, rising progressively until the projection horizon The nominal M EURIBOR is projected to stick to low levels, reflecting the persistently accommodative ECB monetary policy stance.5..5 percent August 5 IR November 5 IR USD/barrel Effective EU economic growth* Average annual euro area inflation M EURIBOR Brent oil price (rhs) * External demand is proxied by the effective EU GDP indicator, which is calculated based on the breakdown of Romania s exports by EU Member State. Source: NBR assumptions based on European Commission data, Consensus Economics and Bloomberg (futures prices) 5
16 Exogenous pressures on inflation Dynamics of administered prices: Administered prices annual inflation Incorporate the latest information provided by the relevant authorities Revised marginally downwards in the course of, as a result of incorporating the effect from broadening the scope of the reduced VAT rate to potable water delivery services, only partly offset by the effect of reassessing the assumption on natural gas price dynamics and the changed impact of the cut in the standard VAT rate according to the final version of the Tax Code The trajectory of volatile food prices is marked by: 5 end of period, % August 5 IR November 5 IR Volatile food prices annual inflation 7 end of period, % 8 - The atypical declines in vegetable prices in July and August 5 5 Unfavourable base effects in the context of the bumper crop and the assumption of a less favourable crop in 5 August 5 IR November 5 IR -5 The fading out, in June, of the first round effect of broadening the scope of the reduced VAT rate on food items Category specific seasonal effects Source: NIS, NBR projections
17 Revision of the output gap projection compared to the previous round Factors Upwards/downwards* 5 7 November 5 IR Output gap % of potential GDP Fiscal policy stance August 5 IR Revision by the NIS of the historical series of the seasonally-adjusted real GDP and the slower than anticipated GDP dynamics in 5 Q Real broad monetary conditions: adequate for ensuring price stability over the medium term, also contributing to paving the way for the recovery of lending and sustainable economic growth External demand, whose influence has been revised to less restrictive values *) The upward arrows show less restrictive or more stimulative influences on the output gap than in the previous forecasting round. 5 Source: NBR projections and estimates
18 Determinants of annual adjusted CORE inflation projection Trajectory marked by the transitory first and second round effects of the successive VAT rate cuts Net of the aforementioned first-round effects, the annual core inflation rate is seen remaining positive and picking up in the latter part of the forecast interval, under the impact of: Inflation expectations*, rising gradually as the effects of the said fiscal measures fade away The output gap, reflecting the emergence of inflationary pressures in the course of, due to: the expansionary fiscal policy stance compounded by the pay rises which are foreseen to outpace productivity gains economy-wide the stimulative influence of real monetary conditions Slightly more pronounced inflationary pressures from import prices, especially amid the foreseen pick up in the dynamics of external prices *) backward and forward looking Contributions to annual adjusted CORE inflation (pp) VAT import prices output gap inflation expectations Note: The annual adjusted CORE inflation is calculated as a quarterly average, in line with its econometrically modelled determinants. Source: NBR calculations 5 7 annual adjusted CORE inflation rate net of the VAT first-round effect (%) annual adjusted CORE inflation rate (%)
19 Annual adjusted CORE inflation projection compared to the previous round The projected path of the annual adjusted CORE inflation rate has been revised: Slightly downwards for end-5 compared to the previous round, on account of lower-than-previouslyanticipated levels in 5 Upwards for end-, due mainly to the smaller cut in the standard VAT rate and faster growth of aggregate demand. The latter s impact is anticipated to strengthen in the course of 7 November 5 IR (net of the VAT first-round effect) November 5 IR August 5 IR Annual adjusted CORE inflation Source: NIS, NBR projections 5 end of period, %
20 Potential causes for inflation to deviate from the projected path Causes External coordinates: growth outlook for the euro area and major emerging economies, China in particular volatility of capital flows to emerging economies, given the global geopolitical tensions, the adjustment in the monetary policy stances of the world s major central banks, and Greece s sovereign debt sustainability The implementation of economic policies in the period ahead and the outlook for the relations with international institutions, in the context of the uncertainty surrounding the appointment of a new cabinet and hence the future fiscal and income policy stances (the drafting of the budget is still pending) Global commodity prices (oil, natural gas) Agri food prices (weather conditions), particularly of vegetables and fruits Dynamics of administered prices (assessments conditional upon possible reconfigurations of information supplied by the relevant Romanian authorities) Balance of risks Balanced, surrounded by high uncertainty Tilted to the upside Tilted to the downside over the short term Tilted to the upside over the short term Balanced
21 Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sep. Oct. Nov. Dec. Feb.5 Mar.5 May.5 Jun.5 Aug.5 Sep.5 Oct.5 Interbank rates are at historical lows, percent monetary policy rate (end of period) interest rate on interbank transactions (period average) M ROBOR (period average) deposit facility rate (end of period) lending facility rate (end of period)
22 Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct. Oct.5 Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct. Oct.5 Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct. Oct.5 Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct. Oct.5... similarly to other countries in the region Romania percent 8 M ROBOR ON Poland percent M WIBOR ON (POLAND) 8 Hungary percent 8 M BUBOR ON (HUFONIA) Czech Republic percent ON (CZEONIA) M PRIBOR 8 monetary policy rate deposit facility rate lending facility rate Source: Bloomberg, NBR, national central banks
23 Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sep. Oct. Nov. Dec. Feb.5 Mar.5 May.5 Jun.5 Aug.5 Sep.5 Oct.5 M ROBOR rates are at historical lows, close to the levels seen on other markets in the region 9 8 average values of period,% M EURIBOR M PRIBOR M BUBOR M ROBOR M WIBOR Source: Bloomberg, NBR, national central banks
24 Decisions of the NBR Board* To keep unchanged the monetary policy rate at.75 percent per annum To pursue adequate liquidity management in the banking system To maintain the existing levels of minimum reserve requirement ratios on both leu and foreign currencydenominated liabilities of credit institutions *) meeting of 5 November 5
25 Calendar of NBR Board meetings on monetary policy issues 7 January 5 February * *) review and approval of the quarterly Inflation Report 5
26 At the end of the press conference, the following will be available on the NBR website ( Inflation Report November 5, full version (in Romanian) Summary of the Inflation Report November 5 (in English) e-pub versions of the Summary of the Inflation Report (in Romanian and English) Presentation delivered by the NBR Governor (also available as a video at
NATIONAL BANK OF ROMANIA
1 Annual inflation rate fell into the lower half of the variation band around the target at end-213, 7 percent 6 5 annual inflation rate 4 3 2 1 211 target 3.% 212 target 3.% Multi-annual flat inflation
More informationNATIONAL BANK OF ROMANIA
1 The annual inflation rate dropped below the mid-point of the ±1pp variation band around the 3% target set by the NBR for 212 12 annual percentage change 1 8 Target 2 5. 2 Target 27. Target 28 3.8 Target
More informationPress Conference. Inflation Report. May Mugur Isărescu. Governor
Press Conference Inflation Report May 17 Mugur Isărescu Governor Bucharest, 15 May 17 1 The annual CPI inflation rate returned to positive territory at the onset of 17 4 annual percentage change Fiscal
More informationPress Conference. Inflation Report. August Mugur Isărescu. Governor
Press Conference Inflation Report August 217 Mugur Isărescu Governor Bucharest, 8 August 217 1 The annual CPI inflation rate accelerated in 217 2 annual change, % Inflation target: 2.5% ±1pp Determinants
More informationNATIONAL BANK OF ROMANIA
1 Annual inflation rate remained relatively stable during 13, 7 percent 6 5 annual inflation rate 4 3 annual adjusted CORE inflation rate 1 11 target 3.% 1 target 3.% Multi-annual flat inflation target:.5%
More informationDevelopments in inflation and its determinants
INFLATION REPORT February 2018 Summary Developments in inflation and its determinants The annual CPI inflation rate strengthened its upward trend in the course of 2017 Q4, standing at 3.32 percent in December,
More informationInflation projection of Narodowy Bank Polski based on the NECMOD model
Economic Institute Inflation projection of Narodowy Bank Polski based on the NECMOD model Warsaw / 9 March Inflation projection of the NBP based on the NECMOD model Outline: Introduction Changes between
More informationIV. Inflation Outlook
IV. Inflation Outlook INFLATION REPORT November 214 55 National Bank of Romania INFLATION REPORT November 214 Year X, No. 38 New Series N O T E Some of the data are still provisional and will be updated
More informationINFLATION REPORT. May 2014
National Bank of Romania INFLATION REPORT May 214 Year X, No. 36 New Series N O T E Some of the data are still provisional and will be updated as appropriate in the subsequent issues. The source of statistical
More informationIV. Inflation Outlook
IV. Inflation Outlook INFLATION REPORT May 215 55 National Bank of Romania INFLATION REPORT May 215 Year XI, No. 4 N O T E The Inflation Report was approved by the NBR Board in its meeting of 6 May 215
More informationInflation Report. November Year XIII, No. 50
Inflation Report November 217 Year XIII, No. 5 Inflation Report November 217 Year XIII, No. 5 N O T E Some of the data are still provisional and will be updated as appropriate in the subsequent issues.
More informationInflation Report. July September 2012
July September 1 November 7, 1 1 Outline 1 External Conditions Economic Activity in Mexico 3 Monetary Policy and Inflation Determinants Forecasts and Balance of Risks External Conditions The growth rate
More informationPress conference of the CNB Bank Board
Press conference of the CNB Bank Board th Situation Report on Economic and Monetary Developments 7 September 17 The monetary policy decision At its meeting today, the CNB Bank Board decided to keep interest
More informationInflation Report. November Year XII, No. 46
Inflation Report November 216 Year XII, No. 46 Inflation Report November 216 Year XII, No. 46 N O T E Some of the data are still provisional and will be updated as appropriate in the subsequent issues.
More informationMacroeconomic and financial market developments. August 2017
Macroeconomic and financial market developments August Background material to the abridged minutes of the Monetary Council meeting of August MAGYAR NEMZETI BANK Time of publication: p.m. on September The
More informationEconomic activity gathers pace
Produced by the Economic Research Unit October 2014 A quarterly analysis of trends in the Irish economy Economic activity gathers pace Positive data flow Recovery broadening out GDP growth revised up to
More informationProjections for the Portuguese Economy:
Projections for the Portuguese Economy: 2018-2020 March 2018 BANCO DE PORTUGAL E U R O S Y S T E M BANCO DE EUROSYSTEM PORTUGAL Projections for the portuguese economy: 2018-20 Continued expansion of economic
More informationNBS MoNthly BulletiN december 2016
Published by: Národná banka Slovenska Address: Národná banka Slovenska Imricha Karvaša 1, 813 5 Bratislava Slovakia Contact: +1//5787 1 http://www.nbs.sk Discussed by the Bank Board on December 1. All
More informationMACROECONOMIC AND FINANCIAL MARKET DEVELOPMENTS BACKGROUND MATERIAL TO THE ABRIDGED MINUTES OF THE MONETARY COUNCIL MEETING OF 19 DECEMBER 2017
MACROECONOMIC AND FINANCIAL MARKET DEVELOPMENTS BACKGROUND MATERIAL TO THE ABRIDGED MINUTES OF THE MONETARY COUNCIL MEETING OF 19 DECEMBER 17 17 D E C E M B E R Time of publication: p.m. on 1 January 18
More informationINFLATION REPORT. February 2010
NATIONAL BANK OF ROMANIA INFLATION REPORT February 21 Year VI, No. 19 New Series ISSN 1582-2931 N O T E The National Institute of Statistics, Ministry of Public Finance, Ministry of Labour, Family and
More informationRecent Economic Developments and Monetary Policy in Mexico
Recent Economic Developments and Monetary Policy in Mexico Javier Guzmán Calafell, Deputy Governor, Banco de México* United States-Mexico Chamber of Commerce, Northeast Chapter New York City, 2 June 2017
More informationEurozone Economic Watch Higher growth forecasts for January 2018
Eurozone Economic Watch Higher growth forecasts for 2018-19 January 2018 Eurozone Economic Watch January 2018 Eurozone: Higher growth forecasts for 2018-19 Our MICA-BBVA model estimates a broadly stable
More informationMonetary Policy under Fed Normalization and Other Challenges
Javier Guzmán Calafell, Deputy Governor, Banco de México* Santander Latin America Day London, June 28 th, 2018 */ The opinions and views expressed in this document are the sole responsibility of the author
More information5. Bulgarian National Bank Forecast of Key
5. Bulgarian National Bank Forecast of Key Macroeconomic Indicators for 2016 2018 The BNB forecast of key macroeconomic indicators is based on the information published as of 17 June 2016. ECB, EC and
More informationPoland s Economic Prospects
Poland s Economic Prospects Unicredit Conference Warsaw, June 8, 11 Mark Allen Senior IMF Resident Representative for Central and Eastern Europe Recovery is driven by domestic demand Contributions to Real
More informationINFLATION REPORT / IV
INFLATION REPORT / IV INFLATION REPORT / IV FOREWORD In 998, the Czech National Bank switched to inflation targeting. In the inflation targeting regime, the central bank s communication with the public
More informationMACROECONOMIC FORECAST
MACROECONOMIC FORECAST Spring 17 Ministry of Finance of the Republic of Bulgaria Bulgarian economy is expected to expand by 3% in 17 driven by domestic demand. As compared to 16, the external sector will
More informationMACROECONOMIC FORECAST
MACROECONOMIC FORECAST Autumn 2017 Ministry of Finance of the Republic of Bulgaria The Autumn macroeconomic forecast of the Ministry of Finance takes into account better performance of the Bulgarian economy
More informationNBS MoNthly BulletiN february 2017
Published by: Národná banka Slovenska Address: Národná banka Slovenska Imricha Karvaša 1, 813 5 Bratislava Slovakia Contact: +41//5787 146 http://www.nbs.sk All rights reserved. Reproduction for educational
More informationInflation Report October National Bank of Poland Monetary Policy Council
Inflation Report October 9 National Bank of Poland Monetary Policy Council Warsaw, October 9 The Inflation Report presents the Monetary Policy Council s assessment of the current and future macroeconomic
More informationMedium-term. forecast. Update Q4
Medium-term forecast Update Q4 2017 Published by: Národná banka Slovenska Address: Národná banka Slovenska Imricha Karvaša 1 813 25 Bratislava Slovakia Contact: info@nbs.sk http://www.nbs.sk Discussed
More informationMeeting with Analysts
CNB s New Forecast (Inflation Report III/2018) Meeting with Analysts Karel Musil Prague, 3 August 2018 Outline 1. Assumptions of the forecast 2. The new macroeconomic forecast 3. Comparison with the previous
More informationLatest Macroeconomic Projections - May Vice-Governor Anita Angelovska-Bezhoska
Latest Macroeconomic Projections - May 2018 - Vice-Governor Anita Angelovska-Bezhoska May, 4 2018 Contents Key assumptions on external and domestic environment Macroeconomic scenario 2018-2019 Comparison
More informationCzech Monetary Policy and Economic Outlook
IMF/WB Annual Meetings 17 Czech Monetary Policy and Economic Outlook Vladimir TOMSIK Vice-Governor Czech National Bank Bank of America Merril Lynch Symposium and JPMorgan Investor Seminar 13 1 October
More informationErdem Başçi: Recent economic and financial developments in Turkey
Erdem Başçi: Recent economic and financial developments in Turkey Speech by Mr Erdem Başçi, Governor of the Central Bank of the Republic of Turkey, at the press conference for the presentation of the April
More informationRUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY. RUSSIA S ECONOMIC OUTLOOK AND MONETARY POLICY December 2018
4% RUSSIA S ECONOMIC OUTLOOK AND December 1 2 Consumer prices (1) At the end of 1, inflation is expected to be close to 4%, which corresponds to the Bank of Russia s target 2 Inflation indicators, % YoY
More informationCzech monetary policy: On a way to neutral interest rates
Czech monetary policy: On a way to neutral interest rates Petr Král Deputy Executive Director Monetary Department Czech & Hungary Investor Day London, 14 November 2018 Current economic situation 2 Structure
More informationOutlook for the Mexican Economy Alejandro Díaz de León Carrillo, Governor, Banco de México. April, 2018
Alejandro Díaz de León Carrillo, Governor, Banco de México April, Outline 1 External Conditions Current Outlook.1. Monetary Policy and Inflation Determinants in Mexico Evolution of Economic Activity Recent
More informationInflation Report. May Year XIV, No. 52
Inflation Report May 218 Year XIV, No. 52 Inflation Report May 218 Year XIV, No. 52 N O T E Some of the data are still provisional and will be updated as appropriate in the subsequent issues. The source
More informationINFLATION REPORT 2018 MARCH
INFLATION REPORT 18 MARCH ... wise is the man who can put purpose to his desires. Miklós Zrínyi: The Life of Matthias Corvinus INFLATION REPORT 18 MARCH Published by the Magyar Nemzeti Bank Publisher in
More informationBNM Maintains OPR at 3.25%, Hawkish About Economic Outlook
7 March 2018 ECONOMIC REVIEW March 2018 BNM MPC BNM Maintains OPR at 3.25%, Hawkish About Economic Outlook Overnight Policy Rate maintained at 3.25%. In line with our expectation, overnight policy rate,
More informationEUROPEAN COMMISSION DIRECTORATE-GENERAL FOR ECONOMIC AND FINANCIAL AFFAIRS. September 2006 Interim forecast
EUROPEAN COMMISSION DIRECTORATE-GENERAL FOR ECONOMIC AND FINANCIAL AFFAIRS September 26 Interim forecast Press conference of 6 September 26 European economic growth speeding up, boosted by buoyant domestic
More informationPortuguese Banking System: latest developments. 1 st quarter 2018
Portuguese Banking System: latest developments 1 st quarter 218 Lisbon, 218 www.bportugal.pt Prepared with data available up to 27 th June of 218. Macroeconomic indicators and banking system data are quarterly
More informationО КЛЮЧЕВОЙ СТАВКЕ RUSSIAN ECONOMIC OUTLOOK AND CHALLENGES TO MONETARY POLICY. December Bank of Russia Presentation for Investors
О КЛЮЧЕВОЙ СТАВКЕ RUSSIAN ECONOMIC OUTLOOK AND CHALLENGES TO MONETARY POLICY Bank of Russia Presentation for Investors December 16 USD per barrel RUB / USD 2 Oil Eхporters Production-cut Agreements Support
More informationThe real change in private inventories added 0.15 percentage points to the second quarter GDP growth, after subtracting 0.65% in the first quarter.
QIRGRETA Monthly Macroeconomic Commentary United States The U.S. economy rebounded in the second quarter of 2007, growing at an annual rate of 3.4% Q/Q (+1.8% Y/Y), according to the GDP advance estimates
More informationThe ECB Survey of Professional Forecasters. First quarter of 2017
The ECB Survey of Professional Forecasters First quarter of 217 January 217 Contents 1 Near-term inflation expectations a little higher, due to oil price rises 3 2 Longer-term inflation expectations unchanged
More informationNATIONAL BANK OF SERBIA. Speech at the presentation of the Inflation Report November 2018
NATIONAL BANK OF SERBIA Speech at the presentation of the Inflation Report November 8 Savo Jakovljević, Acting General Manager of the Economic Research and Statistics Department Belgrade, November 8 Ladies
More informationINFLATION REPORT / I 011 2
INFLATION REPORT / I 11 INFLATION REPORT / I FOREWORD 3 In 1998, the Czech National Bank switched to inflation targeting. In the inflation targeting regime, the central bank s communication with the
More informationThe ECB Survey of Professional Forecasters. Fourth quarter of 2016
The ECB Survey of Professional Forecasters Fourth quarter of 16 October 16 Contents 1 Inflation expectations for 16-18 broadly unchanged 3 2 Longer-term inflation expectations unchanged at 1.8% 4 3 Real
More informationMeeting with Analysts
CNB s New Forecast (Inflation Report I/2018) Meeting with Analysts Tomáš Holub Prague, 2 February 2018 Outline 1. Assumptions of the forecast 2. The new macroeconomic forecast 3. Comparison with the previous
More informationI N F L A T I O N R E P O R T
I N F L A T I O N R E P O R T M A R C H 1 ... wise is the man who can put purpose to his desires. Miklós Zrínyi: The Life of Matthias Corvinus I N F L A T I O N R E P O R T M A R C H 1 Published by the
More informationSlovak Macroeconomic Outlook
Slovak Macroeconomic Outlook CFA society 29 March 2017 Jan Toth Deputy Governor National Bank of Slovakia Summary Acceleration of GDP growth in the medium-term due to start of the new productions in the
More informationMeeting with Analysts
CNB s New Forecast (Inflation Report III/3) Meeting with Analysts Tibor Hlédik Prague, 9 August, 3 Summary of the Inflation Forecast (i) The recovery of GDP in the effective euro area is postponed again
More informationEurozone Economic Watch. July 2018
Eurozone Economic Watch July 2018 Eurozone: A shift to more moderate growth with increased downward risks BBVA Research - Eurozone Economic Watch July 2018 / 2 Hard data improved in May but failed to recover
More informationRESULTS OF THE ECB SURVEY OF PROFESSIONAL FORECASTERS FOR THE SECOND QUARTER OF 2012
Box 7 RESULTS OF THE SURVEY OF PROFESSIONAL FORECASTERS FOR THE SECOND QUARTER OF 212 This box reports the results of the Survey of Professional Forecasters (SPF) for the second quarter of 212. The survey
More informationInflation Report August National Bank of Poland Monetary Policy Council
Inflation Report August 2005 National Bank of Poland Monetary Policy Council Warsaw, August 2005 The Inflation Report presents the Monetary Policy Council s assessment of the current and future macroeconomic
More information54 ECB RESULTS OF THE ECB SURVEY OF PROFESSIONAL FORECASTERS FOR THE FOURTH QUARTER OF 2009
Box 7 RESULTS OF THE ECB SURVEY OF PROFESSIONAL FORECASTERS FOR THE FOURTH QUARTER OF 9 This box reports the results of the ECB Survey of Professional Forecasters (SPF) for the fourth quarter of 9. The
More informationThe ECB Survey of Professional Forecasters (SPF) First quarter of 2016
The ECB Survey of Professional Forecasters (SPF) First quarter of 16 January 16 Content 1 Inflation expectations maintain upward profile but have been revised down for 16 and 17 3 2 Longer-term inflation
More information5. Bulgarian National Bank Forecast of Key
5. Bulgarian National Bank Forecast of Key Macroeconomic Indicators for 2018 2020 This issue of Economic Review includes the of key macroeconomic indicators for the 2018 2020 period. It is based on information
More informationThe main assumptions underlying the scenario are as follows (see the table):
. PROJECTIONS The projections for the Italian economy presented in this Economic Bulletin update those prepared as part of the Eurosystem staff macroeconomic projections, which were based on information
More informationPortuguese Banking System: latest developments. 4 th quarter 2017
Portuguese Banking System: latest developments 4 th quarter 217 Lisbon, 218 www.bportugal.pt Prepared with data available up to 2 th March of 218. Macroeconomic indicators and banking system data are
More information5. Bulgarian National Bank Forecast of Key
5. Bulgarian National Bank Forecast of Key Macroeconomic Indicators for 2018 2020 The BNB forecast of key macroeconomic indicators is based on data published as of 15 June 2018. ECB, EC and IMF assumptions
More information2.10 PROJECTIONS. Macroeconomic scenario for Italy (percentage changes on previous year, unless otherwise indicated)
. PROJECTIONS The projections for growth and inflation presented in this Economic Bulletin point to a strengthening of the economic recovery in Italy (Table ), based on the assumption that the weaker stimulus
More informationGlobal Economic Prospects: Navigating strong currents
Global Economic Prospects: Navigating strong currents Andrew Burns World Bank January 18, 2011 http://www.worldbank.org/globaloutlook Main messages Most developing countries have passed with flying colors
More informationQuarterly Report. October December 2014
October December February 18, 2015 Outline 1 2 Monetary Policy External Conditions 3 4 5 Economic Activity in Mexico Inflation Determinants Forecasts and Balance of Risks 2 Recent Evolution of Inflation
More informationProjections for the Portuguese economy:
Projections for the Portuguese economy: 217-19 7 Projections for the Portuguese economy: 217-19 1. Introduction The projections for the Portuguese economy point to a continued economic activity recovery
More informationMonetary Policy Report 3/11. Charts
Monetary Policy Report / Charts Chart. Projected output gap¹) for Norway's trading partners. Per cent. Q Q - - - - MPR / MPR / - - - - - 7 9 ) The output gap measures the percentage deviation between GDP
More informationPortuguese Banking System: latest developments. 1 st quarter 2017
Portuguese Banking System: latest developments 1 st quarter 17 Lisbon, 17 www.bportugal.pt Prepared with data available up to 7 th June of 17. Portuguese Banking System: latest developments Banco de Portugal
More informationSEE macroeconomic outlook Recovery gains traction, fiscal discipline improving. Alen Kovac, Chief Economist EBC May 2016 Ljubljana
SEE macroeconomic outlook Recovery gains traction, fiscal discipline improving Alen Kovac, Chief Economist EBC May 216 Ljubljana Real economy highlights Recent GDP track record reveals more favorable footprint
More informationCzech Koruna and the Economic Outlook
Czech Koruna and the Economic Outlook Vladimír Tomšík Vice-Governor Czech National Bank Austrian-Czech Economic Forum Czech National Bank Congress Centre Prague, 7 June 17 Outline 1. The CNB s exchange
More informationInflation Report October National Bank of Poland Monetary Policy Council
Inflation Report October 2007 National Bank of Poland Monetary Policy Council Warsaw, October 2007 The Inflation Report presents the Monetary Policy Council s assessment of the current and future macroeconomic
More informationEurozone. Economic Watch FEBRUARY 2017
Eurozone Economic Watch FEBRUARY 2017 EUROZONE WATCH FEBRUARY 2017 Eurozone: A slight upward revision to our GDP growth projections The recovery proceeded at a steady and solid pace in, resulting in an
More informationEconomic ProjEctions for
Economic Projections for 2016-2018 ECONOMIC PROJECTIONS FOR 2016-2018 Outlook for the Maltese economy 1 Economic growth is expected to ease Following three years of strong expansion, the Bank s latest
More information2017 FIRST QUARTER ECONOMIC REVIEW
2017 FIRST QUARTER ECONOMIC REVIEW MAY 2017 0 P a g e Overview The performance of the economy in the first quarter of 2017 was on a positive trajectory with annual growth projected to be about 3.9 % from
More informationPortuguese Banking System: latest developments. 2 nd quarter 2017
Portuguese Banking System: latest developments nd quarter 17 Lisbon, 17 www.bportugal.pt Prepared with data available up to th September of 17. Portuguese Banking System: latest developments Banco de Portugal
More informationValentyn Povroznyuk, Radu Mihai Balan, Edilberto L. Segura
September 214 GDP grew by 1.2% yoy in Q2 214. Industrial output growth was equal to 1.4% yoy in June 214. The consolidated budget deficit narrowed to.2% of GDP in January-July 214. Consumer inflation slightly
More informationThe ECB Survey of Professional Forecasters. Second quarter of 2017
The ECB Survey of Professional Forecasters Second quarter of 17 April 17 Contents 1 Near-term headline inflation expectations revised up, expectations for HICP inflation excluding food and energy broadly
More informationInflation Report March National Bank of Poland Monetary Policy Council
Inflation Report March 11 National Bank of Poland Monetary Policy Council Warsaw, March 11 Inflation Report - March 11 The Inflation Report presents the Monetary Policy Council's assessment of the current
More informationNBS MoNthly BulletiN NoveMBer 2016
Published by: Národná banka Slovenska Address: Národná banka Slovenska Imricha Karvaša 1, 813 5 Bratislava Slovakia Contact: +1//5787 1 http://www.nbs.sk Discussed by the Bank Board on November. All rights
More informationINFLATION REPORT 2018 DECEMBER
INFLATION REPORT DECEMBER ... wise is the man who can put purpose to his desires. Miklós Zrínyi: The Life of Matthias Corvinus INFLATION REPORT DECEMBER Published by the Magyar Nemzeti Bank Publisher in
More informationQuarterly Report. April June 2014
April June August 1, 1 Outline 1 Monetary Policy External Conditions 5 Economic Activity in Mexico Inflation Determinants Forecasts and Balance of Risks Monetary Policy Conduction Monetary policy has focused
More informationPortuguese Banking System: latest developments. 3 rd quarter 2017
Portuguese Banking System: latest developments 3 rd quarter 217 Lisbon, 218 www.bportugal.pt Prepared with data available up to 18 th December of 217 for macroeconomic and financial market indicators,
More informationMexico s Macroeconomic Outlook and Monetary Policy
Mexico s Macroeconomic Outlook and Monetary Policy Javier Guzmán Calafell, Deputy Governor, Banco de México* XP Securities Washington, DC, 13 October 2017 */ The opinions and views expressed in this document
More informationRUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY CHALLENGES RUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY. Bank of Russia.
RUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY Bank of Russia September 218 2 Annual inflation is returning to 4% faster than expected. Acceleration of food prices drove CPI to +3.1% YoY in August Contributions
More informationI N F L A T I O N R E P O R T
I N F L A T I O N R E P O R T D E C E M B E R 17 ... wise is the man who can put purpose to his desires. Miklós Zrínyi: The Life of Matthias Corvinus I N F L A T I O N R E P O R T D E C E M B E R 17 Published
More information1. THE ECONOMY AND FINANCIAL MARKETS
3 5 6 7 8 9 1 11 1 13 1 15 16 3 5 6 7 8 9 1 11 1 13 1 15 16 1. THE ECONOMY AND FINANCIAL MARKETS 1.1. MACROECONOMIC CONTEXT According to the most recent IMF estimates, world economic activity grew by 3.1%
More informationINFLATION REPORT / I 015 2
INFLATION REPORT / I 5 INFLATION REPORT / I FOREWORD In 998, the Czech National Bank switched to inflation targeting. In the inflation targeting regime, the central bank s communication with the public
More informationRUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY. RUSSIA S ECONOMIC OUTLOOK AND MONETARY POLICY February 2019
% RUSSIA S ECONOMIC OUTLOOK AND February 19 Consumer prices In January 19, annual inflation held at the lower bound of the Bank of Russia expectations (.% YoY). Faster growth of food prices to.% (vs.7%
More informationMACROECONOMIC AND FINANCIAL MARKET DEVELOPMENTS BACKGROUND MATERIAL TO THE ABRIDGED MINUTES OF THE MONETARY COUNCIL MEETING OF 18 SEPTEMBER 2018
MACROECONOMIC AND FINANCIAL MARKET DEVELOPMENTS BACKGROUND MATERIAL TO THE ABRIDGED MINUTES OF THE MONETARY COUNCIL MEETING OF 18 SEPTEMBER 18 s e p t e m b e r 18 MAGYAR NEMZETI BANK Time of publication:
More informationINFLATION REPORT. November 2011
National Bank of Romania NFLATON REPORT November 211 Year V, No. 26 New Series N O T E Some of the data are still provisional and will be updated as appropriate in the subsequent issues. The source of
More informationMexico: Dealing with international financial uncertainty. Manuel Sánchez
Manuel Sánchez United States Mexico Chamber of Commerce, Chicago, IL, August 6, 2015 Contents 1 Moderate economic growth 2 Waiting for the liftoff 3 Taming inflation 2 Since 2014, Mexico s economic recovery
More informationNBS MoNthly BulletiN december 2017
Published by: Národná banka Slovenska Address: Národná banka Slovenska Imricha Karvaša 1, 81 Bratislava Slovakia Contact: +1//787 1 http://www.nbs.sk Discussed by the Bank Board on 19 December 17. All
More informationSouth African Reserve Bank STATEMENT OF THE MONETARY POLICY COMMITTEE. Issued by Gill Marcus, Governor of the South African Reserve Bank
South African Reserve Bank PRESS STATEMENT EMBARGO DELIVERY 27 March 2014 STATEMENT OF THE MONETARY POLICY COMMITTEE Issued by Gill Marcus, Governor of the South African Reserve Bank Since the previous
More informationRadu Mihai Balan, Edilberto L. Segura
April 15 GDP expanded by.9% yoy in 1, reaching EUR 15.7 billion. Industrial output expanded 1.% yoy in January, slowing down from 3.1% yoy in December. The consolidated budget deficit posted a.33% of GDP
More informationSACU INFLATION REPORT. January 2017
SACU INFLATION REPORT January 2017 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall
More informationMexico Economic Outlook 3Q18. August 2018
Mexico Economic Outlook 3Q18 August 2018 Key messages Global growth continues, but risks are intensifying. The economy grew 2.1% in the first half of the year. Downward bias in our growth forecast for
More informationQuarterly Report. July September 2014
July September November 19, Outline 1 2 Monetary Policy External Conditions 3 4 5 Economic Activity in Mexico Inflation Determinants Forecasts and Balance of Risks 2 Monetary Policy Conduction By constitutional
More informationRecent Macroeconomic and Monetary Developments in the Czech Republic and Outlook
Recent Macroeconomic and Monetary Developments in the Czech Republic and Outlook Miroslav Singer Governor, Czech National Bank FORECASTING DINNER 212, Czech CFA Society Prague, 22 February 212 M. Recent
More informationInflation and economic growth projection of Narodowy Bank Polski based on the NECMOD model
Economic Analysis Department Inflation and economic growth projection of Narodowy Bank Polski based on the NECMOD model Warsaw / 13 November 17 Inflation projection of the NBP based on the NECMOD model
More informationRUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY CHALLENGES RUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY CHALLENGES. Bank of Russia.
RUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY CHALLENGES Bank of Russia July 218 < -1% -1-9% -9-8% -8-7% -7-6% -6-5% -5-4% -4-3% -3-2% -2-1% -1 % 1% 1 2% 2 3% 3 4% 4 5% 5 6% 6 7% 7 8% 8 9% 9 1% 1 11% 11
More information